Foreign Currency Mortgages

Foreign Currency Mortgages

Foreign Currency Mortgages - are available through Capital  Fortune . A foreign currency mortgage is simply a mortgage loan offered by a mortgage lender in a currency denomination other than sterling. Foreign currency mortgages can be arranged in Euros, US or Australian Dollars and Yen.

Interest on the foreign currency mortgage is payable in the same foreign currency and you can normally pay the monthly mortgage payments through your mortgage lender who will organise foreign currency exchange for you. You will pay them in sterling and they will convert the foreign currency in order to meet the monthly mortgage payments. Your mortgage debt will remain in the foreign currency until such time as the mortgage is redeemed. It will then be reconverted to sterling or a foreign currency of your choice.

Some mortgage lenders allow a multi currency switching facility and it may be that you purchase your initial mortgage in Japanese Yen, but given foreign exchange movements you wish to switch foreign currency into US dollar.  You can potentially take advantage of foreign currency exchange movements by switching your mortgage debt in and out of foreign currencies.

Other mortgage lenders allow flexible foreign currency mortgages and allow you to choose a selection of foreign currency in different proportions.

Changes in the exchange rate may increase the sterling equivalent of your debt.

Capital  Fortune are not authorised or regulated to give specific financial advice on which currencies to choose however, our lending institutions do have in-house specialist advisers who can assist in.monitoring the loan and seeking to maintain the mortgage in foreign currencies that are expected to weaken against sterling. The mortgage lenders will usually charge you an annual management fee for this service. 

Foreign currency mortgages are only suitable for those who are aware of the risks involved and can cope with potential increases in the amount owed on the mortgage.

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